Galileo Resources Plc (AIM:GLR) Update on acquisition of a further 29% shareholding in Lithium & Gold Projects, Zimbabwe

Galileo Resources plc (“Galileo “or the “Company”) further to its announcement of 10 August 2022 is pleased to announce that all conditions have been met in relation to the agreement to acquire a 29% shareholding in BC Ventures Limited (the “Share Acquisition”);

Accordingly, the Company is issuing 50,000,000 Galileo Resources plc shares at a price of 1.2pence per share being the consideration shares due in relation to the Share Acquisition (the “Consideration Shares”). As a result, Galileo will have an interest of 29% in BC Venturers alongside an option to acquire a further 51% interest through the Company spending $1.5million on exploration and evaluation of the Projects by 21 January 2024. BC Ventures is the owner of a highly prospective lithium project in Southwest Zimbabwe (the “Kamativi Lithium Project”) and two gold licenses (the “Bulawayo Gold Project”) close to Bulawayo (the “Projects”) through its wholly owned Zimbabwe subsidiary Sinamatella Investments (Private) Limited, as more fully detailed in the original announcement of 7 March 2022.

The Consideration Shares are being issued to African Mineral Resources Ltd, a company controlled by Fer gus Kynaston Forbes, which will own 50,000,000 Ordinary Shares in the Company being 4.3 % of the Company’s shares as enlarged by the issue of the Consideration Shares.

The Consideration Shares are subject to the following lockup and orderly market arrangements and cannot be sold during the lockup periods. During the orderly market period the Consideration Shares shall first be offered for sale by Galileo’s company broker at a price no lower than the Galileo Shares have traded in the previous five days (the “Nominated Price”) and if not sold by Galileo’s company broker within 30 days may be sold via another broker at the Nominated Price or higher Percentage of Option Considerations Shares:

Lock Up Period

Orderly Market Period


12 months

12 months

Application to trading on AIM: Application will be made to the London Stock Exchange for a total of 50,000,000 new Galileo Shares to be admitted to trading on AIM which rank pari passu to the existing ordinary shares in the Company. It is expected that Admission will become effective and that dealings in the new Galileo Shares will commence at 8.00 a.m. on 10 October 2022.

On Admission, the abovementioned figure of 1,160,688,453 Ordinary Shares (the “Enlarged Share Capital”) may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Galileo under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact:

Galileo Resources PLC

Colin Bird, Chairman

Tel +44 (0) 20 7581 4477

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